Proton Holdings Bhd, Malaysia's state-controlled carmaker, was downgraded to 'neutral' from 'buy' at OSK Research Sdn Bhd after the company made losses in the third quarter ended Dec. 31.

The share price estimate was reduced to RM4.23 from RM6.22, OSK said in a report today.

The stock fell the most in more than two weeks after announcing quarterly losses and OSK Research downgraded the stock.

The stock slid 2.2 per cent to RM4 at 9:09 a.m. in Kuala Lumpur trading, set for its steepest drop since Feb. 11.-- Bloomberg